List of Contributions

Thanks for the clarification. I'm not a risk-management specialist, but I'm very interested in this topic because, as engineers, we deal with risk and uncertainty every day and still have to make decisions. I agree that, in practice, it is often more useful to focus on likelihood, consequences, consequence ...

I like your proposal. To keep it simple and consistent with Frank Knight: Risk: The possible outcomes are known, and probabilities can be assigned to them. Uncertainty: The possible outcomes, their probabilities, or both are not known. In real life many "risk models" are in fact uncertainty models ...